29th Oct 2018 10:55
LONDON (Alliance News) - Standard Chartered PLC said Monday that unit Standard Chartered Bank (China) Ltd has become the first foreign bank to be granted a domestic fund custody license by the China Securities Regulatory Commission.
With this license, Standard Chartered China will be able to directly provide custody-related services to investment products offered by domestic funds and asset managers in China.
China is the third largest equity and bond market in the world, Standard Chartered said, with total market size close to USD20 trillion.
Bill Winters, Standard Chartered chief executive, said: "China is of strategic importance to Standard Chartered. We are honoured to be the first international bank to be granted this license, which coincides with the bank celebrating its uninterrupted operations in China for the past 160 years."
"With the inclusion of Chinese shares by major world indices, China is already being recognised as a major financial market. We are excited to be part of this process as we work closely to support our clients in their custody needs," he added.
Shares in the emerging markets-focused bank were up 3.1% at 538.90 pence on Monday.
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